TSMC's quarterly net profit surges 36% on AI boom

TAIPEI -- Taiwan Semiconductor Manufacturing Co., the world's largest contract chipmaker, reported that quarterly profit for April-June rose more than 36% on the year, in a sign of a continuation of the AI boom and recovery of the smartphone market. 

Net profit for April-June reached 247.84 billion New Taiwan dollars ($7.66 billion), up 36.3% from a year ago. Quarterly revenue recovered from a slowdown last year to hit an all-time high of NT$673.51 billion, up 40%, thanks to robust AI demand.